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HomeMy WebLinkAboutOrdinance 63Being an OrdinanCe entit!e~ "An 0miinan0e authorising She issuance of. $1~0.00 Refunding Bonds of the Cit_y of Columbia Neights~ Mxnneso~a and declaring an emergency-. Whereas/ the City of Columbia Heights, Minnesota, diA under date of July lst~.lg~?~ issue its negotiable certificates of indebtedness or bonds in accordance with the provisions of line applicable there,, and Whereas/ $12,250 of said certifioates~ bein$ $10~000 in principal amount and $2,250 in interest/ become due and payable on July let, 1929, and there is not now nor in the Judgment of. this Council will there be on July let, lgtg, sufficient money in the treasury of said City available for such purpose to pay said certificates as they mature and should de~sml~ occur in such payment the credit of the City will be impaired and the Oity will become liable to expensive litigation This Council hereby and un, er ~his preamble declares that an emergency exists for the immediate preservation Of the public peace and safety in order to protect the credit of the City and to prevent unnecessary litigatio= and that in order to promptly meet su0h emergeno7 it is necessary to pass 0rdizanoe Number ~ as an emergency ordinance. Adopted by the Coumcil June llth, 1929. Filed and Recorded this llth day of June, 1929. ~cretar7 of the Oouncil. (City Seal) Mays r. Being an Ordinance entitled "Au Ordinance authorizing the issuance of ~l~000 Refunding Bonds o~ the City o~ Columbia Heights, Ninnesota s~ud declaring an emergency.. Whereas, the City o! Columbia Heights~ Ninnesota~ did under da~e of July 1st, 1927~ issue its negotiable certificates of indebtedness or bonds in accordance with the provisions of law applicable thereto~ and Whereas, $1~,250 of said certtficates~ beinE $10,000 in principal at, cunt and ~2,2~0 in interest~ become due and payable on July lst~ 1929, and there is not now nor in the ~udgment o~ this Council will there be on July lst~ !929, suS~.icient money in the treasury cf said City available for such purpose to pay said certificates as they mature and should default occur in such payment the credit o~ the City will be impaired and the City will become liable to expensive litigation This Council hereby and under this preamble declares that au emergency exists ~cr the immediate preservation of the public peace and safety in order to protect the credit of the City and to prevent unnecessary litigation and that in order to promptly meet such emergency it is necessary to pasa Ordinance ~umber ~ ~ ~ as an emergency ordinance. Adopted by the Council June llth~ t~. Hayo r. ?iled ~nd Recorded this llth day o! June~ 19~9. S~retary o~ the Council. (City Seal) ~to~ Of In~eb~ed~es9 ~o de~ay the exp~n~e o~ m~i~ loc~ p~ovements: This ordinance i~ The City Of ColChis Heights d~s or~in; hun d r e d 5eO~ 1. in the matter of appropriati~ Three thousand fiv~ Doll.s ($8500.00) for ~he p~ent of the expense incurred inst~li~ ware= main ~d conneo~io~ on Thirty-seventh Avenue N, E, f~Om Fifth Street westerly to Two and one-h~f ~treet, Sec, ~. The Oity O~cll does hereby authorize the ap~ fiv~ Do~ars ($5500.00) fO~ the ~op~ia~ion Of ~ee thousand ~d d paymen$ of expense in m~ s~id imp~ovements ~d f~ ~ha~ p~pese does hereby au~ho~ize the ~ss~ee of certificates indeb~edness upon the Oily ,f Col~bia Heights tn such a~ m~y be necessary $0 m~e the paymen~m fO= sueh work. Such tiftcatee are to be isled i~ deuom~na~t~ of lO0.O0 or more Dol!~'and are ~o r~ for a peried of five years, and be~ in~ere~t ~t the ra~e of ~% ~= ann~m, payable semi Ualiy' - ~ec~ its passage. This O~dinance shall take effect immediately upon Passed this 28 day of March, 1929. the preamble to said Ordinance To. ,......~ 8. , which motion was seconded by Oou~cilman ..... , and the motion being put, on whereupon said preamble~ being agreed to by at least four m~Bera of the Oounoil, was Oou~ci~ .~ ......... , ,, .... Oou~ci~ ~ ' , ~ the ~io~ bein~ ~t, on roll c~l the ~ollowing vote was taken ~d recorded: ~oee :,_ ~Tq~ .............. Whereupon said an emergency ordinance. .was declared duly a~d finally passed aa ORDINANOENU~BER_~._. An Ordinance smthori~ing the issuance o~ $1~000 Re~un~ing Section 1. That the Council does determine that it is expedient to issue the bonds of the Gity of OOIumbia Heights, Minnesota, in the amount of Twelve Thousand Dollars ($1~000,00) fOr the purpose of refunding a like of the outstanding hondo o~ said Oi$~. maturing ~uly !et~ 19~9. That said Bonds shall bear date July let, !g~g~ aha!! be S4 in mAmber~ numbered from 1 to ~4, both incl., shall be of the deno.mi, nat~n of tSO0 each, shall bear interest at the rate of sim per c. en$ PeT ann .um.~ payable semi-annually on the f .irst days of ~..a~uary a~d July in each year, b°th principal and interest being payable at the First National Bank, in the Oity of ~aaplis~ Minnesota~ and shall mature to principal in the order cf their .~umbers, lowest numbers first, $$00 on January let in each of the years from lg$1 to 1~$$, bo~h inclusive, and on J.anuary let in each of the years from 19~? to 1545, both inclusive. section ~. That said ~onds a~l the interest coupons thereto attached shall be in substantially ~he followin~ form with the necessary vari- ations as to numbers a~d maturities, which said form i~ hereby approved and adopted: ~d for v~ue received here~y p~m~aes t~ Pay ~ ~er on the the ~ited'"~States of ~erica, together with ~terest thereon at the rate six (~) per '~Cent per ~n~, payable~ s~i~u~ly on the let days J~ry in each year in accord~ce wi~ ~d upon presentation ~d of the interest coughs hereto at~.ached, Both primcipal a~d interest of this bond are payable at the First Na~0naI Bank~ iu the Ci.$y of ai~eap~lis, s~e respectively become due the ~: ~aith 0ity of ~mbi~ei~ts, ~eS0ta, [~ave been ~ ~e he,by ~evooably pledged. ~la bond~is,One 0f .~ ~e ~ bonds~ ~1 of l~e date ~d t~or ex~epti~ as to ~ties~ ~d is isled by said ~ty for the pu~ese of taking up~ pa~ cancelling ~d ~ti~ng"a~like ~t of ~ v~id~ outst~d~ bonded ~ebtedaesa 0f said Oiiy~ ~t ~' ~e! ~~t to ~ ~ ~1 eon- forty with the Oo~i~t~n ~ l~$ 0f ~e ~ate of ~esota ~ 2he shatter e~ said 0ity. It is hereby 0ER. TI~ED and RECITED that all acts/ condition~ and things required by the Constit~!gn a~d' l~l of the~ ~ato the cha~er of sa~ 0it7 to have ~e~ ~ze, to have h~penet~ ~ to have been p~erfc~ed precedent to ~d ~ %he-i~e of this ~nd have be~ done, have~ happ~e~ ~d have Been perfo~e~ ~ re~l~ ~ ~ue fo~ time ~ .~er~ that prior to ~he issuers hereof a ~eo~ ~n~ t~ has be~ levie~ ~on ~ the taxable prope~y in said City in a.-~rnot less %h~ ~ive (5) Per ~ent ~ ~cess of' ~e ~ requi~ to pay ~he pr~~ ~d i~%erest hereof primcip~ ~d ~teresi become ~uel._ ~ ~ha% this bond~ together with ~1 o~er indebtedness' of s~d City ~tst~tng O~ the date hereof~ doss not exceed oonsti~tion~, staiuto~ or chafer ~tation of intebtedness, nor did the indebtedness refund~ hereby exceet ~Y ~h l~itation. ~7 the Oit7 ~er ~d co~tersi~ ~ the Oit7 ~e~ ~ se~ with its o ~ ficiai Se~. ~d h~ ca, ed ~he ~e~St coupons .here~- attahet ~ ~e ~ecUted with the faCe'ils si~~s of'.the ~yor ~d City'~er c~8ed this bond %o be dat~ ~ Of ~U!7 1, 1929. %he City of O0l~b~ Het~s, ~{s~a, ~ll pay ~o ~aror a% ~e ~irst Nation~ B~k, Mi~eapo!.~~ gi~esota, ~es~ of. Fifth ~11~ ($!S,~) for ~te~st then due on its Ref~i~ B~nd tate~ j~y !~ 19Z9~ ~o. · Oit~ ~ager. Nayo r. ,,f June 28th, 1929, Honorable City ':)ounci!. Columbia Heights, G en tl em on: For yo'dr :' ~ ,~l;~. ,000.00 ~:~efundi~l~ Bonds as ~dvort~se~ for sale.of even d~te herewith be~ri~g interest at the r~te of 6~ per ann~un, psymble semi-~nnusliy, 'i will pay you tho par valise of sai~ bo~s. It is understood ~nd ~gro~d that yo~. sro to fu~ninh the approving opinion of ~chmitt, ~oody & Schmitt, Attorneys, ~t,P~ul, ~i~. ond the bt~nk bonds %;~ thout cost to ~. You a~o ~g~eo to pay the charges ~-~_ieh the ~irst National B~nk, ~in~.~e~o.ti~, ~irn~. ~y m~ke for the coll~c~tion of principal ~zd interest. ~e agree to t~,e up s~id bonds July ist, 1929 in St.2aul, Minnesota.. ~uitt e~ , ,,e, the undersized d~!2 ,~,u~li~,~ed officers do hereby OERTIH th.-~t th, foregoing, proposal ~as accepto(~ by due resolution of the City Council on June 29th, 19~9. Section ~. Tha~ said: ~onds shall be executed in behal! of sai~ Oity by the Mayor and City Manager' and c~untersigned by She City Olerk, and sealed with the' official seal. Of~ .~ and '~hat the interest, co.upOne attached thereto shall be exeOut~ ~: ~at~h ~en~!oated with ~:~ho prXuted~ graphed or engraved facsimile '~~s o! 'the ~ayOr an~ City Manager, and that the full faith credit and resources Of s.a~.d City lhall be and they are hereby irrevoaably pledged to the pro. m~$ smd ~ ~ .1 payment .of the principal and interest of e.aoh and all of said ~o~ds a~ ~U~B Principal and interest ~respeotively become date. o~the City ~ertaining to ~the iea~ante ~! ~the bond~ for the re~und~tng ox' which this issue is anthorized and dges hereby ~inA and determine as First: That there Were ~Aly and legally issued by. the City under da~e of ~uly 1, 1927, $!00~000 of Certificates o! Zn~ebte~nes$ maturing serially · ~10,000 On ~uly let in each o~ t~e ~years ~rom 19~$ 2o 19~7 and bearix~ interest at the rate of ]~cz3~ ~ive per sent per amuV~, payable semi*annually. Second: That '$10~000 principal amotmt Of said ~ertifioate~ maturing-July let, 1925 was duly ~.~id an~ ~hat ~he i~tereet on the remaining $90,000 p~incipal amount of ~ertifiea~es was duly ~aid up to and including JanUary .lst~ !9~9, and tha.$ the '~0~000 ~f certificates .still outstan~ing an~' interest thereon from January '.ls.t~ 19~; .r.e~resent~s the valid, lubsiltiug unpaid bonded inde~ednese o:! sai~ ~tt7. " · Third: ~hat t.her~ is ..sOt ~now n~r.will.t~e~e ~e ~7 July let, 1929, any money in'the treasury~ ~! ith'e'OL~2 a~ail,a~le.to' pi~tbe portion o! the indebtedness ma~xring July l~t~ ~!9~9~' 2o~wit.. $10~000_ :.tn .principal .amount of certifiCa~el due July let, 19Zg'-ami tZ~§O ..interest on'Said oe.rttficates due July.let, 1929 and .it is a~visable~ e~plAient ami necessary to issue and sell the $1~,000 negotiable coupons bon. dS ~! said City .in this Ordinance a~%horize~ to provide the funds: necessary, for ~lueh purpose. Section 5. That~he proceeds der£ve~ from t~# sale of said · $12~000 Refunding Bonds be applied by the Treasurer aa far "'aa trey wil~[ a~fail for the purpose to pay the $1~50 ~ bcn~ed i~ebtedness as rePresente.~ by $10~000 principal amount o! the af~relaid 'Oi~!ficatel of indebtedness maturing ~uly 1929 and $2~250 interest on the aforesaid $90=000 oertifieates of indebtedness which interest is payable July lst~ Section 6. That ~i$ Council shall meet' on the 29th day of June., 1929, at the Eigh School ]~Ailding ~.~ .the City o~ Oolumbia Hei~hts~ Minnesota, at 8'.00 o'clock, P. M.~ for the '~Arpose of opening, reaeiving an~ oonsidering bids for 2he purchase of said b~e~ an~ that the Olerk il hereby authorized and directed ~o give notice of the sale of said bonds ~y l~bltcation of a ~otioe Of sale once in each week for two ,sv~aessive weeks in the Columbi~a Heightl Record, a newspaper published in the City of COIum~ia Heights~ Minnesota. ~apter 1~1, ~aws, 19~' ~he~, b°'' ~ he--bY? is levie~ on ~1 the p~pe~7 in ,ai~ ~%y a ~t ~ %~ in ~ ~unt ~t less o~ the ~m ~tred to pay the p~n~i~ ~d interelt t~ereo~ ~ al follows: Sec~io~ 8. That ~h~i :Oou~oil hereOF declare. ~ha~ ~:e~enoy exists for the p~mp% im~e cf'm~ $1~,0~ of Re~ing ~ndm in or,er to p~te~t the credit o~ the Olty ~'~o/Pre~en% ~ec~m~ litiga%~n ~ ~or the ~edi~te prese~a%ion o~ ~e ~lie peace ~d~ ma~y. eme~ney ordin~ee ~d mh~ %~e e~fee% ~diatelyupon.itm pasture. Passed by the council ~une ll~h, Filed and recorded this llth day Of June~ 19~g. Be~retary o! the O~unoil. (OitT' Se~l) Ir the undersigne~ the dui7 ehosen~ qualified a~d acting ~~ ~m2 % have this ls~ day of ~ly, 1928, re,stud ~rom Dav~ ~rk $!~,~0, the ~h~e Price o~ ~12,~0 ~!2y of ~lumbia ~e~t,~ Mi~esota, 6% Red, ding ~onda~, dat~ ~!7 lst~ 19~9~ bear~g. 'i~te~st at the rate o~ ~% per ~ P~2able ~~ly on the first da~ of ~a~ry ~ ~ly ~ eaeh year~ ~oth p~nCip~ ~ interest ~ei~g payable at the ~st ~ion~ ~ak, ~ea~is, ~n~esota~ being ~e p~ v~, cf ~aid $~0: ~ais~ from other ~ty f~s pay the ~e ~d~d ~Nation~ MinneaPolis, M~esota, the ~ of ~2,2~, =being $~000 for integer on the entt~ ~t O~ ~id oe~ifioatea outst~dimg, ,In ~tness ~ereof, i ~Ve hereto set my h~d thim let day. ...... - ": ......... Honorable City Council, Columbia Heights, l&innesota. June ~Sth, 19~9. Gentlemen: ,12,000.00 For your ~ Refunding Bonds as advertised for sale.of evendate herewith bearing interest at the rate of 6~ per~nn_ _,urn, payable semi'annually, ~ v~lll pay you the par value of said bonds. It is understood and agreed that you are to furnish the approving opinion of Sohmitt, Moody & Sohmitt Attorneys, St.Paul~ ~inu. and the blank bonds v~ t~out oost to moo You also agree to pay the charges which the ~irst National Bank, Minneapolis. ~Inn. m~y make for the collection of principal and interest. ~',~e agree to take up ss/d bonds July l st, 1929 in St.2aul, Minnesota. .~mitte~, We, the undersigned duly qualified officers do hereby 0ERTI~Y that the foregoing proposal was accepted by due resolution of the City Council on June 29th, 1929. .......... h yor. 6~RT~!~f that we did on the tst day of ~uly) 19~9, officially Sign $1~,000' Refunding Bonds' o~ the ~itY of ~ol~bia ~e~hts, ~nnesota) said bonds beiTM ~4 tn n~%e~, ~ber~ f~ 1 to ~4~ o~ the d~om~ation of ~5~ e~h~ dat~ ~lY l~t, 1929, bear~g inter~st at the r~te of 6% per a~, payable semi-ennual!y on ~anuary let, and July let in?each year~ serially om jar~Aary let in each of the years from 1951 to 1945, both incl. both principal and interest being payable at the ~irst National Bank, IHnneapolis, Mim~eeota~ being at the date of said ~onde' and on this _J day o! ~ly~ 1~, the 'date of the ac2ual delivery of said bonds to~ the. purohasero~ the duly ehosen~ qualified an~ ~ctin~ officers indicated 'therein and authorized to execute the We ~urther OER~i~f t~at no litigation of any nature is now pending o~ threatened restraining o~ enJoing the ~liver7 o! said bonds or the levy a~d oolle~tion o! taxes te .Pay. ~n~eres~ a~d princfpal~ or in any ~uestioning the proeeedtngs ar~' a~therttY by which the same is ma~e or af~ec% lng the Validity ~f the bonds thereUnder~ a~d that neither the corporate existence, nor boundaries nor the title of the present officers 'to their respective offices is being contested an~ that no steps, acts or proceedings have been taken to r~voke or eanOel ~he s~thorit7 ,'or the issuance of said The fac simile signature of the Mayor and Oity Manager is upon: the coupozs Of ~aid bonds. Done and Delivered at O~lumbia ~eights, ,Minnesota, this / ~J~ da7 of July, 19~9. true and genuine. O~ ficial Title,. ...... 1~'ayo r · that the signatures of the officers above subscribed are